Construction Materials Market Expects Boom In Wake Of VAT Cut
- 30 Jan 2016 8:00 AM
Hungary’s recent cutting the VAT on construction from 27% to 5 will result in “another boom” in the materials market, daily Magyar Idők said. The paper added, however, that a lack of skilled labour in construction could have negative impacts. Győző Vidor, head of the national construction materials federation (Méasz), said that the VAT cut may take another year to have spectacular results.
Builders now are in the process of selecting sites, having designs made and obtaining permits, with the actual construction phase to start in the first half of next year.
Méasz has proposed that the VAT on construction should be kept at the current, low level for another ten years, and that the VAT on energy saving renovation projects should also be reimbursed, he said.
Source www.hungarymatters.hu - Visit Hungary Matters to sign-up for MTI’s twice-daily newsletter.
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